S&P 500 Looking For Confirmation

25 Jan 2023

On Monday, S&P 500 broke above the falling trendline and is currently looking for confirmation. On the weekly timeframe, we can see it nearing the Kaufmann Moving Average and the Ichimoku Cloud. Acceptance above this falling trendline on the daily chart and rising above the resistance level of 4014 can result in a move toward the next resistance level of the 4160 zone. If the index falls from here, the support level near the 3900 zone can be seen as an entry point for longs. Finally, with the FOMC meeting closing in, no major move should be expected this week and fluctuations can happen.